Springleaf Financial has been in business, under different names, since 1920. Springleaf offers unsecured loans and vehicle title loans in 30 states. Customers can begin the application process online or visit a branch office. Online applications must be finalized in person in a branch location. Springleaf loans are available to consolidate debt, make home improvements, pay for college expenses, or to cover an emergency expense. Springleaf loans do not have any prepayment penalties.
Springleaf Financial personal loans interest rates can be as high 45% APR. Its average interest rate in 2012 was just over 24%. These are high rates, but far better than payday loans. Springleaf loan amounts range from $1,000 to $20,000. Loans over $7,500 require collateral as security, such as a vehicle's title. Borrowers need to shop around, to find the best loan available, and only take out a loan that they are sure they can repay as agreed. Borrowers who pledge their car as security need to understand that a missed payment can lead to vehicle repossession. Don't pay for the credit insurance they offer, unless you understand the product's costs and benefits and then make a decision that it's worth the money.